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HomeMy WebLinkAbout0529 S ' , . Leoder's written agrament or applicable' Iaw. Borrower shall psp the amouat of all morigage insurance pcemiurtu i~ the manae~ provided under paragraph 2 hereof. Any amounts disbuned by Lender pursuant to tha paragraph 7. with intet+est thereon, shai) become additiona) indebtedness o[ Borrower securcd by this Mortgage. Unless Borrower and Ltnder a~rce to other tenns of payme~t. such amounts shall be payable upo~ notice t~om Lcnder to Bonower rcqucsting~spn hCi+~bf. and shall bea~ intertst from the date of disbursement at thc rnte payable fr~m time to time o~ aitatandin$ princ~al under the Note unicss payme~t of interest at auch rate would be contrary ta applicable law, in which event such amourtts shall bear interest at the highest rate permissible under applicable law. Nothing containcd in this paragraph 7 shal) requin Lender to incur any expense or take any action hercunder. . . 8. In~pecHoa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Botmwer rwtice prior to any such inspection specifying reasonabk cause th~refor related to Lender'a i~terest in the Property. 9. Coademaatba 'ilrc proceeds of any award o~ claim for damages. direct or ronsequential. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. an hereby assig~ed and shall be paid to Lender. Tn the evertt of a total taking of the Propeny, the proceeds shall be applicd to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Lender othenvise agrce in writing. there shall be applied ta the sums secured by this Mortgage such proportion of the proceedt as is equal to that proportion whicfi the amount of the sums secu~ed by this MoRgage immediately prior to the date of takiag bears to the fair muket valoe of the Property immediately prior to the date of taking, with the balance of the-proceeds paid to Borrower. If the Property is abandoned by Bonower, or if, after notice by Lender to BornoM~er that the condemnor offers to make an awatd o~ settle a claim for damages, Borrower fails to respond to i_ender within 30 days after the date such notice is mailed, I.ende~ is authoriud to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums securcd by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly instaltments referred to in paragraphs 1 and 2 hercof or change the amount of such installments. _ ' 10. Eorrower Not Rde~ed. Extension of the time for payment or modiflcation of amortization of the sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be require.-i to commenoe proceedings against such successor or refuse to extend time for payment or othen~vise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrowe~ and Borrowers wccessors in interat. 11. Forbearance by Leeder Not a R'airer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwix aftorded by applicable Iaw, shall not be a waiver of or preclude the exercise of any s~ch right or remedy. The procurement of insurance or the payment of taxes or other lien~ or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. 12. Remedies C~mulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded by law or equitg, and may be exercised concurr+ently, independently or successively. 13. Snccessors and Assi~es Boand; Joint and Several i.iability; Csptbos. The covenants and agreoments herein contained shall. bi~d, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for. rnnvenience only and are not to be used to interprct or dc8ne the provisions hercof. 14. Notke. Except for any notice req~ured under applicable lavv to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by cenified mai) addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to T_ender as provided heroin, and ~ (b) any notice to Lender shatl be given by certified mail, return receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be dcemed to have been given to Borrower or Lender when given in ihe manner designated herein. 15. Ua~form Mort~age; Governing Lavv; Sererability. This form of mortgage combines uniform covenants for national ! use and non-uniform covenants with limited variations by jurisdiction to conatitute a uniform security instrument covering = i real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provi:ion or clause of this Mortgage or the Note conflicts Kith applicable law, such conflict shall not atiect ~ other provisions of this Mortgage or the Note which can be given effect witho~~t the conflicting provision, and to this end the provisions of the Mongage and the Note are declared to be severable. r 16. dorrowe~s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of eacecution or after recordation hereof. 17. Traosfer of the Propertv: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without I.ender's prior written consent, excluding (al the creation of a lien or encombrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender's option, declare all ~he sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to acrelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transfe~red reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payabk on the sums secured by ihis Mortgage shall be at such rate as Lender shaU request. If Lender has waived the option to accelerate provided in this paragraph 17, and if $orrower's successor in F interest has executed a written assumption agreement accepted in writiog by Lender, Lender shall release Borrower from all ohligations under this Mortgage and the Note. tf Lender exercises such option to accelerate. [xnder shall mail Borrower notice of acceteration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not less ihan 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such s~ims prior to the expiration of such period, ~ ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted hy paragraph 18 hereof. ' ~ ~ Notv-UNtFaeM CoveNnrns. Borrower and Lender further covenant and agree as follows: + 18. Accekrstioo; Remedks. Faccept as pmvided ia parigraph 17 hereof, apoa Borrower's br~ach of awy coveosut or ~ a~reement of Dorrower ie this Mort=s=e. lneludir~ tbe coreoanb to pay wliee dee anY sums secored by thb Mort~a6e, Leedcr ' = prior to accdentbn sban mafl8otke to Borrower ~ p~ovWed ia paragrap6 l4 hereof ~pccityio~: p) t~e bresc6; (2) the actioa ~ rMnired to care anc~ breac6. (3) ~ dah, not las thaw 30 days from tbe date the ootice i~ a~fled to lb~mwer, by w~fcb socl~ bresc6 mmt be cored: aod (4) tluk failnrs ta core wch bresch o0 or before t6e dat~spec~d i~ tbe so8ce may raak ia ; ~ ' scedcration ot t~e soms iecored by this Mort6a=e, forticbwro by jodkial proceedio~ and sde ot tbe Pnoperty. 'ILe aotke ~ s6d1 further iafora Bon+ower oE tbe ri6~ `to nisstste aftcr accekr~io~ and tbe right to awert i~ t6e forecbwrt proae~oL ~ ~ t6e soa-e:Wence af a det~k or aay ather defease of Borrower to accekndoa aad toreclosnre. It the b+eacti is oot c~+ed o~ - ~ or before t~e date speciAed is t6e notke, Lender st Lender's optbn may declare aY of tbe sams eecored by t6ls Mo~e b be ~ ~ im~edhtdy d~e and pa~abk w~it6ont tatber demaod aad may foreclose thb Mortia~e bp jodkW Proc~. Le~du ~Y ~ be eat[tled to colkct i~ wcr proee~diu~ ~ e~eoses of foreelosnre, iacled~. bat aot lioited to, rea~oaable attor~e~'s tea, ~ aod~cas4 of ducume~tary e~Wence, a6Arscts sod tide reporb. ~ 19. aorrower's Rl`ht to Rdm~e. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrowa shall have the right to have any procetdings begun by Lender to enforce this Mortgage discontinuod at any time ~ ~ ~ Bo~K 283 ~A~E 5~8 ~ _ - ~